Apple Allowing 3rd Party Crypto And NFT Apps To Be Available In App Stores

Apple is preparing to allow third-party app stores on its devices in order to meet with new European Union (EU) anti-monopoly laws. With this change, crypto and NFT applications are now available on iOS in Europe.

According to a Bloomberg report citing those familiar with the matter, under the new rules, European customers would be able to download alternative app marketplaces outside of Apple’s proprietary App Store, allowing them to download apps that avoid Apple’s 30% commissions and app restrictions.

On December 1, Apple blocked Coinbase’s self-custody wallet app upgrade because the company wanted to collect 30% of the gas fee through in-app payments.

It said that Apple intended the wallet to disable NFT transactions if they couldn’t be completed through its in-app purchase mechanism.

The tech giant currently has strict limitations in place for NFT applications that are not authorized to accept bitcoin payments.

The changes, which constitute a reversal of long-held principles, are in reaction to EU legislation aimed at leveling the playing field for third-party developers and enhancing customers’ digital lives. For years, authorities and software developers have complained that Apple and Google, which operate the two largest mobile app shops, hold excessive authority as gatekeepers.

It will go into effect in May 2023, with corporations required to comply completely by 2024.

Apple has not determined whether it would comply with a provision of the Act that allows developers to include alternative payment mechanisms in apps that do not involve the company. If it does comply, it may allow cryptocurrencies to be used in payment systems.

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Harold

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